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TSB boss Paul Pester quits after online banking tech issues

TSB Banking Group PLC CEO Paul Pester will leave his post, the British lender's board said.

His departure comes after the Banco de Sabadell SA unit's customers faced another IT issue related to its internet banking and mobile app channels on the weekend of Sept. 1. TSB, which has been plagued with such problems since April, noted on its Twitter account it was seeing good service levels since mid-morning Sept. 3 and is continuing to monitor the situation. It admitted there is still work to do on its systems to achieve "full stability for customers."

The bank said the board and Pester agreed it was the right time for him to vacate the CEO role after seven years of service.

Nonexecutive Chairman Richard Meddings, meanwhile, said he will become executive chairman on an interim basis, effective immediately, and would begin a public search for Pester's replacement.

TSB Banking Group is the parent of TSB Bank PLC.